Starknet targets increased throughput, lower fees with parallel transactions in 2024

Ethereum Scaling Protocol Starknet Plans to Increase Throughput and Reduce Fees with Introduction of Parallel Transactions in 2024

The layer-2 rollup network Starknet has updated its roadmap on March 20, following the successful implementation of Ethereum’s Dencun hard fork. This upgrade is expected to bring significant improvements to the network, including increased throughput and reduced fees.

One of the key updates introduced by the Dencun hard fork is EIP-4844, which allows rollups to add cheaper data to blocks by using blob space instead of call data for storage. This change is expected to significantly reduce the cost of storing cryptographic proofs of off-chain bundled transactions, which has been a major expense for Ethereum nodes.

With this update, Starknet anticipates a more efficient and cost-effective layer-2 rollup network, which will be able to process a higher volume of transactions at a lower cost. This is a major step towards achieving the goal of a truly decentralized and scalable web 3.0, which is set to revolutionize the way we interact with the internet.

Starknet’s Integration of Blob Function and its Impact on Fees

Following Dencun’s implementation, Starknet and other major Ethereum rollups made efforts to expedite their ability to direct proofs to the blob space. This resulted in a significant drop in users’ fees just hours after the hard fork.

Starknet’s compatibility with EIP-4844 enabled transactions on its protocol to average only $0.017 in fees per transaction. This was made possible by the team’s previous expansion of the block size and reduction of fees by approximately 25% with the release of Starknet v0.13.0 in early 2024.

Starknet’s Upcoming Update and its Impact on Transaction Processing

In the second quarter of 2024, Starknet is set to release its next version update, which will include transaction parallelization. This feature will allow the network to execute concurrent independent transactions, resulting in improved throughput and faster finality.

With this update, Starknet will be able to process a higher number of transactions simultaneously, leading to a more efficient network overall. This is expected to have a positive impact on the crypto community, as it will provide a faster and more cost-effective way to transact on the blockchain.

Starknet’s Plans for Reducing Fees and Improving Data Availability in Upcoming Update

In its efforts to continually improve its network, Starknet has announced plans to reduce fees and enhance data availability with its upcoming version 0.14.0, which is expected to be released by the end of 2024. These plans are influenced by the long-term impact of EIP-4844 and performance improvements of its own protocol.

The update will include three upgrades focused on data availability within the Starknet stack. One of these upgrades, called Volition, will allow decentralized applications to store data on Starknet instead of Ethereum’s base layer, resulting in reduced costs for end-users.

Another upgrade, application recursion, will enable developers to batch proofs of data storage from multiple Starknet blocks onto Ethereum, leading to lower L1 costs and fee reductions for end-users.

Additionally, Starknet is developing data availability compression, which will decrease its data footprint on Ethereum. This upgrade will utilize two different recursion methods to achieve its goal.

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